Portfolio Update

Baring Emerging Europe PLC announces that as at 29 May 2009 its ten largest
investments were as follows :

                               % of Total Assets

Gazprom                             11.01

Lukoil Holdings                     10.10

Rosneft                              9.04

CEZ                                  6.73

Mobile Telesystems                   5.57

Sberbank                             5.42

Turkiye Garanti Bankasi              5.35

Vimpel Comms                         5.06

Turkcell Iletisim                    3.73

Powszechna Kasa                      2.93


The geographic breakdown as at 29 May 2009 was as follows:

                                      %

Russia                              56.39

Turkey                              20.17

Czech Rep                            9.03

Poland                               8.89

Hungary                              2.91

Kazakhstan                           1.26

Other                                1.03

Cash & Equivalents                   0.32